Fundamental Aspect
Soybean futures prices trading with a dull note on reports of arrival of new season soybean in Madhya Pradesh. The condition of the standing crop is improving in MP and Maharashtra because of recent rains. However dry spells during prime pod filling period hit the growth of the plant and size of the seed. The total area under soybean has declined this year due to a fall in acreage in Madhya Pradesh, the largest producer, because of poor rains in the state so far. The area coverage under soybean, as on 1 st Sep, is reported down 7.2 % at 105.2 lakh hectares compared to 113.3 lakh hectares at the same period last year, as per the latest government data. As per SOPA, arrivals of soybean were at 74 lakh tonnes (lt) in Oct-Jul, up from 54.5 lt a year ago, while stocks with farmers are at 30.9 lt, up from 796,000 tn a year ago.
Guar futures traded marginally lower from last couple of days on the back of excess rain notices in major producing area coupled with profit booking activity also marked at higher levels. In the medium term, guar futures are likely to remain limited on lower level’s buying. Rising crop failure concerns likely to spur speculators to enlarge long positions at futures platform. Cumulative monsoon rainfall in Bikaner, Ganganager and Hanumangargh has been below normal till second half of Aug recorded at -7%, -32% and -18% of LPA. Besides, reports of crop damage in northern Gujarat and lower acreages in Haryana could influence prices positively.
Turmeric futures traded lower for the day as market participants are booking their profits due to improved rains in Turmeric growing areas during week ending 30th August. As per the data release by the government, the exports during the first quarter of FY 2017-18 is down 10% to 33,323 tonnes, compared to the last year exports volume for the same period. The production estimate of turmeric for 2016-17 is pegged at 11.32 lakh tonnes by government in 3rd advance estimate higher from 9.43 lakh tonnes in 2015-16. For 2017-18, turmeric sowing in Telangana, as on 16th August, down 1% to 44,411 hectares as compared to last year acreage of 44,919 hectares.
Technical Aspect (Oct)
Jeera
Support at 19150 and Resistance at 19550.
Break and sustain above 19550 will take it to 19850—20050 and then 20300 mark else could touch its support level of 19150.
Fresh selling can be initiated below 19150.
Trade safely with levels only.
Castor Seed
Support at 4720 and Resistance at 4800.
Break and sustain above 4800 will take it to 4860---4890 mark in near term else could touch its support level of 4720.
Fresh selling can be initiated below 4720 mark.
Trade with levels only.
Turmeric
Support is at 7550 and Resistance is at 7900--8000.
Break and sustain below 7550 will take it to 7420—7350 mark in near term else could touch its resistance level of 7900.
Fresh buying can be seen above 8000.
Trade with levels only.
Guar seed (Oct)
Support is at 3750 and Resistance is 3900
If prices unable to breach its support level of 3750 then we can see good upside in it till 3900.Break and sustain above 3900 will take it to 3970—4050 and then 4200++ mark in near term.
Fresh selling can be seen below 3750.
Trade with levels only.
Guar gum (Oct)
Support is 8050 and Resistance is at 8350.
Break and sustain above 8350 will take it to 8520—8650 and the 8800++ mark in near term could touch its support level of 8050.
Fresh selling can be seen below 8050 only.
Trade with levels only.
Chana
Support seen at 5950 and Resistance is at 6250.
Either side break or close will set the further trend in it.
Fresh buying can be initiated above 6250 only.
Trade with levels only.
Rmseed
Support seen at 3800 and resistance is at 3870.
Break and sustain above 3870 will take it to 3930---3980 and then 4050++ mark in days to come else could touch its support level of 3800.
Fresh selling can be initiated below 3800.
Trade with levels only.
Soybean
Support seen at 3050 and Resistance is 3155.
Break and sustain above 3155 will take it to 3190---3240 mark in near term else could touch its support level of 3050.
Fresh selling can be initiated below 3050 only.
Trade with levels only.
Mentha oil
Support is 1175 and Resistance is 1230.
Look positive on chart and likely to touch 1230. Break and sustain above 1230 will take it to 1270---1285+++ mark in near term else could touch its support level of 1175.
Fresh selling can be initiated below 1175 mark on closing basis.
Trade with levels only.
CPO
Holding long from 521 and made a high of 534.3 today.
Support is 525 and Resistance is 535.
Break and sustain above 535 will take it to 541—545 and 553++ mark in near term else could touch its support level of 525.
Fresh selling can be initiated below 525 mark on closing basis.
Trade with levels only.
More will update soon!!
